P.I. Industries (PI IN) – Q4FY26 Result Update – Weakness from largely concentrated portfolio continues – HOLD
Published on 20 May 2026
We expect near-term challenges in the agrochemical space to weigh on overall performance. Concentration towards pyroxasulfone which has gone off-patent, would also continue to challenge growth. However, medium-term growth will be supported by biologicals recovery and scale-up in pharma. We estimate consolidated revenue/EBITDA/PAT CAGR of about 6%/9%/4% over FY26–28E. At CMP, the stock trades at 31x FY28 EPS. We value the stock at 31x FY28 EPS, arriving at TP of Rs2,944, and maintain our ‘HOLD’ rating.
